Bitcoin Co crypto-exchange will close after 5 years in business

One of the largest stock exchanges in Thailand, Bitcoin Co. Ltd. (BX.in.th) announced on Monday that it going to quit the business. According to a blog post on BX.in.th, the company will develop "other business opportunities", examples of which it has refused to provide.

From September 6, users will be unable to make deposits, and after September 30, the exchange will stop servicing transactions. BX.in.th customers must withdraw their funds to bank accounts or digital wallets no later than November 1. After this date, the Exchange's website will only work for users to communicate with it.

The company also specifies that it will not obtain a license for the virtual asset exchange from the local Securities and Exchange Commission for 2020.

"We thank our loyal customers for using BX.in.th services over the past 5 years. Please note that all funds remain safe and that all customers will receive 100% asset recovery," the exchange concludes.

According to CoinMarketCap, the trading volume on BX.in.th for the last day amounted to about $15 million, more than 70% of which is accounted for a pair of bitcoins with a Thai bat.

Against the backdrop of today's announcement, the BX.in.th Bitcoin rate at some point fell to 199,999 baht, which corresponds to $6,500, while on most world exchanges this morning the cryptocurrency is traded at about $10000.